0883.HK, 600938.SH · Hong Kong · A-shares
0883.HK / 600938.SH CNOOC: low-cost barrels, dividend resilience
CNOOC 2025 revenue ¥398.220B (−5.3%), parent NI ¥122.082B (−11.5%); net production 777.3 mmboe (+7%), all-in cost ~$27.9/boe; 2026 target 780–800 mmboe. HK ~HK$23.8. Low-cost + dividend; see Sinopec.
Cite a section with a deep link, e.g. /en/r/cnooc-0883-research#thesis
Market snapshot
- HK (~7/31)
- HKD 23.82
- Market cap (approx)
- HKD 1130.0B
- 2025 parent NI
- CNY 122.1B
- 2025 OCF
- CNY 209.0B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
CNOOC (0883.HK / 600938.SH) is China's offshore oil & gas champion. 2025 revenue ¥398.220B (−5.3%), parent NI ¥122.082B (−11.5%); realized oil $66.47/bbl, all-in cost ~$27.9/boe, OCF ~¥209B.
HK ~HK$23.8 (A-share ~¥32.3). Core is low-cost barrels + dividend resilience.
Business
Model: China’s offshore E&P — monetize oil/gas price spreads on a low-cost barrel stack and return cash via high payout.
Flagships: crude, natural gas, and related trading.
Competitiveness: all-in cost ~$27.9/boe — globally competitive; volume growth and reserve replacement stronger than most domestic upstream peers.
Strategy (12–24m): deliver production guides, hold unit costs, land the final dividend; oil mid-cycle sets earnings torque.
Value chain
Position: upstream oil & gas production.
| Side | Counterparties | Dependence |
|---|---|---|
| Upstream | Oilfield services, rigs, vessels | Service capacity and weather windows |
| Downstream | Refiners, city-gas, industrials | Oil prices and domestic gas mechanisms |
Supply-chain risks: (1) offshore kit and OFS bottlenecks; (2) typhoon/HSE events — echoed in Risks.
Price & valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 23.82 | 0883.HK · 以包内 kpi_snapshot 时点为准 |
Valuation & returns · ~3y
Interactive chart available in the reader.
~3y valuation & returns (illustrative; §A.6):
Valuation & returns · ~3y
Interactive chart available in the reader.
Upstream multiples track oil expectations; low cost curve is the relative floor. Watch A/H premium and yield.
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Revenue and GM eased with softer oil; figures in CNY (price KPIs in HKD). Mild seasonality — oil and volumes drive QoQ.
Revenue · last 8 quarters
Interactive chart available in the reader.
Gross margin · last 8 quarters
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue 2025 | ¥398.220B | −5.3% | Oil soft |
| Parent NI 2025 | ¥122.082B | −11.5% | Still high earnings |
| Realized oil | $66.47/bbl | −13.4% | Gas +3.0% |
| All-in cost | $27.9/boe | — | Cost moat |
| OCF | ¥209.042B | −5.4% | Funds dividend + CapEx |
Competition
Peers: PetroChina/Sinopec upstream and IOCs; on-site yield-energy contrast China Shenhua.
Strengths: cost curve and volume growth; dividend resilience. Weaknesses: NI falls in an oil crash; offshore ops and geopolitical premium.
Peer comparison
| Company | Position / share | GM / margin | Strength | Weakness |
|---|---|---|---|---|
| 中国海油 0883 (self) | 海上油气龙头 | ~40%+ | 桶油成本 ~$28；产量增长 | 油价 beta；海上作业风险 |
| 中国神华 601088 | 能源高股息对照 | 煤电一体 | 分红与一体化现金 | 煤价与转型压力 |
| 中石油 / 中石化（上游） | 陆上油气对照 | 成本曲线更高 | 一体化炼化 | 单位成本通常高于海油 |
| 国际石油巨头（示意） | 全球上游对照 | 随油价 | 全球资产分散 | 成本与分红政策各异 |
Management
Key management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 / Chair | 汪东进 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
| 首席执行官 / CEO | 周心怀 | 公开披露任职 | 期间无重大披露变动 |
| CFO / 财务负责人 | 王家祥 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
24m changes: No material disclosed turnover in Chair Wang Dongjin, CEO Zhou Xinhuai, et al. (per latest annual).
Stability: Central-SOE bench stable; production guides and dividend delivery matter more than personnel.
Outlook
Track Brent/WTI, production guides, unit costs, and final dividend (board proposed HK$0.55/share final).
Scenarios
| Scenario | Conditions | Implication |
|---|---|---|
| Bull | Oil rebounds; volumes up | NI + dividend upgrades |
| Base | Mid oil; costs controlled | Yield energy hold |
| Bear | Oil crash | NI down but better than high-cost peers |
Risks
References
- CNOOC 2025 annual results (HKEX) — https://www.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032600501_c.pdf
- CNOOC 2025 results press release — https://www.prnewswire.com/news-releases/cnooc-limited-hits-new-records-of-reserves-and-production-in-2025-profit-resilience-continues-to-consolidate-302726037.html
- IR: https://www.cnoocltd.com/
- On-site: Sinopec · Shenhua
Not investment advice.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
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